By Anthony Rice
Accounting is mostly considered as a hugely technical and complicated topic. besides the fact that, bills are literally in response to basic ideas. It's no longer corporation bills which are complicated, it's all too frequently the best way that they're defined. during this easy and straightforward learn publication, the writer courses you thru the entire significant accounting recommendations. realize easy methods to grasp corporation debts, comprehend stability sheets, revenue and loss bills and funds stream platforms. discover ways to examine and video display your company's monetary functionality. bills Demystified is the definitive, simple consultant to the elemental rules of accounting that no supervisor may want to be with out. during this fifth variation of the vintage debts Demystified, Anthony Rice makes accounting astonishingly basic and pain-free.
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Additional resources for Accounts Demystified: The Astonishingly Simple Guide to Accounting (5th Edition)
If you have ever heard the term double-entry book-keeping, and wondered what it meant, you now know. It’s exactly what we’re doing when we change two boxes to enter a transaction. As you can see, there is nothing very difficult about it. The ‘double entry’ of transactions on a balance sheet is the way we apply the fundamental principle that the assets must always equal the claims. 5 Sarah subsequently persuaded her supplier to agree that SBL need not pay until sixty days after delivery of the stock.
She should, therefore, have saved £255,000. Unfortunately, during the year she had to pay an American hospital for a series of operations for her brother. He’s better now, but the operations cost her a total of £250,000. As a result, she only saved £5,000 during the year. What would you feel about Sarah in each of those situations, Tom? I’d obviously write her off in the first case. In the second, I’d be more than a little interested, provided she didn’t have any more sick relatives. Exactly. My point is that, as well as knowing what Sarah’s net worth is and by how much it has changed since last year, an explanation of why she only got £5,000 richer during the year can be very important.
These items are what we call the expenses of running the business. They reduce the profits made by selling stock and thus reduce the shareholders’ wealth. Our ‘double entry ’ is therefore to reduce the retained profit box by £2,000, which makes our bars balance again. 8 Sarah had to pay for petrol, servicing, etc. on the car. These were all paid in cash. Clearly, as a result of this transaction, the cash box must go down by £4,000. This money is gone for ever. This transaction therefore represents another expense of the business.
Accounts Demystified: The Astonishingly Simple Guide to Accounting (5th Edition) by Anthony Rice